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{"actor":"system:backfill","investigation_id":"7e0ca938-db80-4669-85f3-f45a238c59f4","kind":"publish","page_slug":"coincheck","published_at":"2026-05-25T17:56:59.473Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Coincheck","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.cnbc.com/2018/01/26/japanese-cryptocurrency-exchange-loses-more-than-500-million-to-hackers.html","type":"other","url":""},{"credibility":3,"name":"https://fortune.com/2018/01/31/coincheck-hack-how/","type":"other","url":""},{"credibility":3,"name":"https://finance.yahoo.com/news/report-record-breaking-coincheck-hack-084700348.html","type":"other","url":""},{"credibility":3,"name":"https://www.sciencedirect.com/science/article/pii/S2665910721000724","type":"other","url":""},{"credibility":3,"name":"https://securitytoday.com/articles/2019/06/18/report-reveals-russian-hackers-may-be-responsible-for-530-million-cryptocurrency-hack.aspx","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cointelegraph.com/news/coincheck-stolen-534-mln-nem-were-stored-on-low-security-hot-wallet","type":"other","url":""},{"credibility":3,"name":"https://fortune.com/2018/01/31/coincheck-hack-how/","type":"other","url":""},{"credibility":3,"name":"https://dn.institute/research/cyberattacks/incidents/2018-01-28-coincheck/","type":"other","url":""},{"credibility":3,"name":"https://crypto.security/crypto-blockchain-security/coincheck-hack/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.cnbc.com/2018/02/02/japanese-regulators-raid-coincheck-in-wake-of-crypto-heist.html","type":"other","url":""},{"credibility":3,"name":"https://www.japantimes.co.jp/news/2018/01/29/business/fsa-raps-coincheck-massive-theft-customers-cryptocurrency-assets/","type":"other","url":""},{"credibility":3,"name":"https://coindesk.com/markets/2018/03/08/japans-finance-watchdog-suspends-two-crypto-exchanges/","type":"other","url":""},{"credibility":3,"name":"https://talkingtech.cliffordchance.com/en/industries/fintech/japanese-fsa-issues-business-improvement-orders-and-suspension-o.html","type":"other","url":""},{"credibility":3,"name":"https://financefeeds.com/japanese-financial-regulator-issues-business-improvement-order-coincheck/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.insurancejournal.com/news/international/2018/03/09/482824.htm","type":"other","url":""},{"credibility":3,"name":"https://medium.com/@web3author/cracking-the-code-inside-the-coincheck-hack-what-you-need-to-know-948bca03256a","type":"other","url":""},{"credibility":3,"name":"https://www.japantimes.co.jp/news/2018/04/06/business/online-brokerage-monex-acquire-cryptocurrency-exchange-coincheck/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.monexgroup.jp/en/news_release/irnews/auto_20180405405863/pdfFile.pdf","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/confirmed-monex-group-to-acquire-coincheck","type":"other","url":""},{"credibility":3,"name":"https://www.japantimes.co.jp/news/2018/04/06/business/online-brokerage-monex-acquire-cryptocurrency-exchange-coincheck/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://coindesk.com/markets/2019/01/11/coincheck-wins-crypto-exchange-license-12-months-after-major-hack/","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/breaking-japans-fsa-approves-license-for-hacked-crypto-exchange-coincheck-nikkei-reports","type":"other","url":""},{"credibility":3,"name":"https://news.bitcoin.com/coincheck-becomes-the-first-licensed-japanese-bitcoin-exchange/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.japantimes.co.jp/business/2024/12/12/companies/coincheck-us-nasdaq/","type":"other","url":""},{"credibility":3,"name":"https://www.coincheckgroup.com/news-events/press-releases/detail/97/thunder-bridge-capital-partners-iv-inc-and-coincheck-group-n-v-announce-closing-of-business-combination","type":"other","url":""},{"credibility":3,"name":"https://bitcoinist.com/coincheck-makes-history-as-1st-japanese-crypto-exchange-to-debut-on-nasdaq/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.theblock.co/linked/27577/coincheck-hack-investigation-shows-possible-link-to-russian-cyber-group-report","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/app/public/index.php/news/report-record-breaking-coincheck-hack-perpetrated-by-virus-tied-to-russian-hackers/amp","type":"other","url":""},{"credibility":3,"name":"https://securitytoday.com/articles/2019/06/18/report-reveals-russian-hackers-may-be-responsible-for-530-million-cryptocurrency-hack.aspx","type":"other","url":""},{"credibility":3,"name":"https://coingeek.com/coincheck-hacking-investigation-points-to-russian-hackers/","type":"other","url":""}]}],"sources_used":[],"summary":"Coincheck is a Tokyo-based cryptocurrency exchange that suffered what was, at the time, the largest cryptocurrency hack in history on January 26, 2018, when approximately 523 million NEM (XEM) tokens valued at roughly $534 million were stolen from a low-security hot wallet. The exchange was operating without a Financial Services Agency (FSA) license at the time of the breach, had failed to implement standard multisignature security for NEM holdings, and received multiple business improvement orders from Japanese regulators in the aftermath. Coincheck was subsequently acquired by Monex Group in April 2018, obtained its FSA license in January 2019, and listed on the Nasdaq in December 2024 via a SPAC merger under the ticker CNCK.","timeline":[{"date":"2012-01-01","event":"Coincheck founded in Tokyo, Japan by Koichiro Wada and Yusuke Otsuka.","source":""},{"date":"2017-04-01","event":"Japan's Payment Services Act takes effect, requiring cryptocurrency exchanges to register with the FSA. Coincheck files an application but is permitted to continue operating while the application is pending.","source":""},{"date":"2018-01-25","event":"Attackers allegedly gain initial access to Coincheck's systems at approximately 17:57 UTC, believed to be via phishing emails that installed Mokes and Netwire malware on employee computers.","source":""},{"date":"2018-01-26","event":"At approximately 3:00 a.m. JST, 523 million NEM (XEM) tokens valued at approximately $534 million are transferred from Coincheck's hot wallet to attacker-controlled addresses. Coincheck detects the breach and halts NEM withdrawals.","source":""},{"date":"2018-01-27","event":"Coincheck publicly confirms the security breach and announces it will compensate affected users. The exchange suspends most trading and withdrawals.","source":""},{"date":"2018-01-29","event":"Japan's FSA issues its first business improvement order to Coincheck, directing the exchange to strengthen risk management and customer protection systems.","source":""},{"date":"2018-02-02","event":"FSA inspectors conduct an on-site raid of Coincheck's offices — described as the first such regulatory action against a Japanese cryptocurrency exchange.","source":""},{"date":"2018-03-07","event":"FSA issues a second business improvement order to Coincheck; separately issues suspension orders to two other Japanese exchanges and improvement orders to five more, reflecting industry-wide regulatory tightening.","source":""},{"date":"2018-03-09","event":"Coincheck begins compensating approximately 260,000 affected NEM holders, paying out approximately $411 million in total.","source":""},{"date":"2018-03-22","event":"The stolen NEM tokens are reportedly fully sold off by the attackers.","source":""},{"date":"2018-04-06","event":"Monex Group announces acquisition of 100% of Coincheck shares for approximately $33.5 million. The exchange becomes a wholly owned subsidiary.","source":""},{"date":"2019-01-11","event":"Japan's FSA approves Coincheck's registration as a licensed virtual currency exchange operator under the Payment Services Act, administered by the Kanto Financial Bureau.","source":""},{"date":"2019-06-01","event":"Asahi Shimbun reports that malware found on Coincheck employee computers — Mokes and Netwire — has known links to Russian threat actors, shifting earlier suspicion away from North Korea.","source":""},{"date":"2024-12-05","event":"Shareholders of Thunder Bridge Capital Partners IV approve the business combination with Coincheck Group N.V.","source":""},{"date":"2024-12-11","event":"Coincheck Group N.V. begins trading on the Nasdaq Global Market under tickers CNCK and CNCKW, becoming the first Japanese cryptocurrency exchange listed on a U.S. exchange. Market capitalization at listing was approximately $1.7 billion.","source":""}]},"v":1}